Brexit: Jaguar Land Rover warns of risk to £80bn of investment

Ralf Speth, chief executive of the car manufacturer, called for certainty about Britain’s future outside the European UnionJASON ALDEN/GETTY IMAGES

Jaguar Land Rover, Britain’s largest car manufacturer, told the government last night that a hard Brexit would cost the company more than £1.2 billion in profit each year.

Ralf Speth, chief executive of the car manufacturer, called for certainty about Britain’s future outside the European Union before the company could invest £80 billion over the coming five years.

“Jaguar Land Rover’s heart and soul is in the UK,” he said. “However, we and our partners in the supply chain face an unpredictable future if the Brexit negotiations do not maintain free and frictionless trade with the EU.”

The carmaker employs more than 40,000 people in Britain, with a further 260,000 jobs in the UK supply chain. In 2017 it sold 621,000 cars, with 80 per…

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